You
will need to know how many miles you claimed under the standard mileage for
previous returns.
The standard mileage deduction includes a
factor for depreciation, so in effect you have been depreciating this vehicle
while using for business.
In order to report
that you sold this vehicle and adjust the sale for the business deductions you
have taken, you will need to complete the entire interview for this section.
If you dispose of a
vehicle for which you claimed the standard mileage deduction, you need to enter
the depreciation equivalent. Review your prior tax returns and see how
many business miles you claimed each year for that vehicle.
Multiply those
business miles by these amounts for the year. For example, if you claimed 1000
business miles in 2014, you essentially claimed 220 dollars in depreciation
equivalent for regular and AMT purposes. Add up the amounts for the years
you claimed standard mileage for the vehicle to determine the depreciation
equivalent.
2015..........24
Cents
2014..........22
Cents
2012-2013.....23
Cents
2011..........22
Cents
2010..........23
Cents
2008-2009.....21
cents
2007..........19
cents
2005-2006.....17
cents
2003-2004.....16
cents
2001-2002.....15
cents
2000..........14
cents
